Premier Alden McLaughlin and Minister of Financial Services Tara Rivers will join representatives from the Maritime Authority at the Monaco Yacht Show this week in an effort to promote Cayman’s service offering for yacht owners.
The Cayman Islands Shipping Registry plays an important role in the financial services industry, and the Monaco Yacht Show is an important venue for Cayman to present it to international clients, the government said in a press release.
“The Monaco Yacht Show is the main annual event for the super yacht industry and provides the ultimate showcase for industry influencers,” Mr. McLaughlin said. “It is a key event for Cayman representatives to network with the most influential stakeholders in the industry.”
Cayman has a strong market share in the super yacht segment of vessels with a length of more than 98 feet. Of the super yachts currently under construction worldwide, about 45 percent are built under the supervision of the Cayman registry.
Cayman dominates the ultra-large yacht segment as a flag state with a market share of more than 80 percent. Overall Cayman ranks number two in the world, second only to France.
“We are a leading flag state in the super yacht industry and it is important for us to be part of this important event and be available to meet with owners and their representatives to ensure they have the most up-to-date information on what the Cayman Islands can offer, and provide the best possible advice for their existing and future super yachts,” Mr. McLaughlin said. “In addition, I will be able to tell them how well the Cayman Islands is doing economically and politically and that we continue to be a good and stable jurisdiction in which to do business.”
This year yacht show organizers expect 580 exhibitors, including 67 shipyards, 22 brokerage agencies and 26 refit yards, and an anticipated 34,000 visitors. About 125 yachts with a combined worth of more than $2.5 billion euros will be on display in Monaco.
The Cayman Islands will host an event at the Monaco show in recognition of the 60th anniversary of Cayman’s Coat of Arms, which will be displayed on both the blue land and the red sea flags.
The Maritime Authority of the Cayman Islands has been attending the yacht show since 1996.
“This is our 22nd year attending the show,” said Joel Walton, head of the Maritime Authority of the Cayman Islands. “Over these years, the Cayman Islands has established itself as the flag of choice for the super yacht industry.”
Cayman’s registry typically emphasizes its service level and technical expertise, including its involvement in the design of a yacht from an early stage. The different registration options offered in Cayman are also important depending on where a yacht is going to be used and whether it is for private or commercial use or a combination of the two.
Minister Rivers noted that the shipping registry has the most experienced staff among the flag states in the yachting industry, and that Cayman’s financial and legal sectors provide excellent customer service for its clients.
“That’s what sets the Cayman Islands apart from the competition. We accept a wide choice of ownership structures and our clients appreciate that we have a solid political, legal, fiscal and social environment,” she said.
The Monaco Yacht Show is an annual trade show held in Port Hercules and is Europe’s largest in-water display of yachts.
The event was launched in 1991 as a broker-oriented event focused on super yachts over 66-feet in length. Throughout the four-day event, there are more than 150 private events including press features, conferences, receptions and product presentations.
Traveling with the premier will be Roy Tatum, head of the Premier’s Office, and Cabinet Secretary Samuel Rose.